As the world grapples with the outbreak of Coronavirus (Covid-19), the health and economic impact of the pandemic across the globe is enormous. With many businesses closed as a result of lockdown or movement restrictions in a bid to bring the spread under control as well as protecting the vulnerable people, governments around the world have seen revenue slumping while expenses is skyrocketing.
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Thus the need for The International Monetary Fund to step in and offer some relief to the most struggling countries around the world. According to a report on IMF website “The IMF is providing emergency financial assistance to member countries facing the economic impact of the COVID-19 pandemic”
Ranging from Asia and Pacific, Europe, Middle East and Central Asia, Sub-Saharan Africa and Western Hemisphere.
According to IMF report seen by Investogist, the total emergency financing approved by IMF amounts to $9,273.71 million (SDR6.82 million). 44.9% of the approved fund is for some countries Sub-Saharan Africa with 24 countries as beneficiaries.
Out of the 24 countries which include Benin, Chad, Rwanda, Cote d’Ivoire, Gabon, The Gambia, Ghana, Guinea, Malawi, Senegal among others. Democratic Republic of Congo and Republic of Mozambique got the largest amount. D.R Congo and Mozambique received a total of $382.5 million and $323.7 million respectively.
Nigeria has requested for fund from the IMF, to help cushion the economic impact of Covid-19 in the country. However the request is yet to be approved as IMF set Tuesday 28th April as the date to make a decision on Nigeria’s request.
Written by; Ifunanya Ikueze
